View more on these topics

Advisers split on whether the remortgage frenzy can go on

IFAs are split on whether the current level of remortgaging is sustainable.

The MM/One Account Annual State of the IFA Nation poll shows opinion is divided, with 52 per cent saying that remortgaging will slow down this year.

But 42 per cent of advisers are not only confident that remortgaging will continue to prop up the market this year but they also predict an increase in remortgage business.

The Council of Mortgage Lenders which has attributed the strength of the current housing market to remortgaging and has expressed concerns that remortgage levels are “running away”.

It had indicated that remortgaging is set to continue, adding to the Bank of England&#39s theory that equity withdrawal will continue to fuel consumer spending.

Average rates of interest on new loans have fallen, adding to the attraction of refinancing into cheaper deals. In January remortgaging soared to £9.6bn, accounting for 52 per cent of overall lending.

The Mortgage Operation managing director Mark Charlesworth says: “The figures for January were certainly very strong. The numbers are up from 2002 to 2003. Yes, I think that even more remortgage business will be done as the buying market becomes a little more subdued. Advisers should have confidence in this area of the market. As long as lenders are willing to offer these rates.

“Most brokers, if they are doing their job properly, are already telling their clients they will be contacting them again in two or three years to discuss remortgaging.”


Australian bank eyes IFA market

The National Australia Bank is aiming to break into the IFA market with the extension of its multi-manager proposition, MLC Investment Management, which has previously only been available through its UK banking subsidiaries.The initiative, called Pivotal, will be headed by former Prudential group sales director John Cowan and based on its Australian model, which allows […]

Free switches into SG tech fund

SG Asset Management is offering investors free switches into its SocGen technology fund to mark the fund&#39s fifth anniversary on May 22. The offer, which comes as SG predicts further rationalisation in the tech sector, applies both to direct investments and Isa/Pep transfers. Following the discount period, the initial charge reverts back to 5.25 per […]

Renewal rebate from Chartwell

Investors with Chartwell Investment Management are to get a cash boost this month with the company rebating half of its renewal commission. Chartwell clients or investors who transfer Isas, Peps or unit trusts to the company free of charge get the renewal rebate every March and September. Information packs on the cashback plan can be […]

Britons hiding cash from partners

Britons are hiding £6 billion from their partners, with 61 per cent of people admiting to hoarding cash from partners,according to a new study from Abbey National&#39s internet bank Cahoot. Reasons for the hidden cash are not always sinister and range from personal treats such as clothes and nights out to emergencies including job loss […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm